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Eion Edgar, Tony Offen to take stake in BLIS Technologies

Thursday 31st July 2008

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Eion Edgar, chairman of Forsyth Barr, may acquire a minority stake in BLIS Technologies in a deal with Edinburgh Securities managing director Tony Offen.

BLIS, whose name is an acronym for the bacteriocin-like inhibitory substances it produces for products to control ear and throat infections, will raise NZ$500,000 through the sale of a 4.88% holding.

Offen's Dunedin-based investment company will buy about seven million shares at 7.125 cents a piece, with the right to increase the stake to 19.99%, BLIS said in a statement. The shares will ultimately be held through a joint venture with Edgar's Sinclair Long Term Holdings.

The accord may develop further, as Edinburgh will have first right of refusal on underwriting rights for any future commercial developments by BLIS, it said.

Shares of BLIS were unchanged at 7.5 cents and are little changed this year, while the benchmark NZX 50 Index has dropped 19%. At today's price, the company is valued at NZ$10.3 million.

The company posted an operating loss of NZ$617,000 in the year ended March 31, from a loss of NZ$964,000 a year earlier. Sales rose 28% to $878,000.

By Jonathan Underhill

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